Regulation
FSA hosts major Basel conference-Apr 10-11
UNITED KINGDOM - The UK's Financial Services Authority is organising a two day conference in London on April 10-11 which will be a key milestone in the UK consultation on the revised Basel Capital Accord and the European Commission's proposals for…
Role of research in the policy process-Gramlich
SPEECH - US Federal Reserve governor Edward Gramlich gave a speech on Apr 5, 2001, about the usefulness of private sector research into financial services for helping the Fed measure up and assess how well its laws and regulations are achieving their…
Sri Lankan cbank amends finance firm rules
SRI LANKA - Finance companies in Sri Lanka will now be allowed to accept deposits from the public for up to five years instead of three years, the Central Bank of Sri Lanka said in a statement on Apr 5, 2001.
India's SEBI chairman likely to be replaced-paper
INDIA - The chairman of the Securities and Exchange Board of India (SEBI) D.R. Mehta is likely to be replaced as part of government changes after a recent stock market crisis, a financial daily said on April 3, 2001.
IMF articles on reform and restructuring in Asia
ARTICLES - The International Monetary Fund has published the March issue of its quarterly magazine Finance and Development. There are six articles on reform and restructuring in Asia. Other articles on the role of capital in development, the effect of…
Canadian regulator fakes website to warn investors
The Ontario Securities Commission, regulator of Canada's largest stock market, has established a fake website (www.NoRiskWealth.ca) as a cautionary demonstration to gulable online investors
Is the crisis problem growing more severe?
ARTICLE - In the latest issue of journal Economic Policy, economist Barry Eichengreen et al ask whether financial crises are becoming more frequent and more disruptive. Looking back over 120 years of financial history, the authors find that there is …
IMF is 'well equipped to tackle crises'
ARTICLE - In a letter to the editor of The Straits Times, the IMF's director of external relations, Thomas Dawson, hits back at the newspaper's suggestions that the IMF's policies in Asia, Russia and now Turkey have been failures.
New bill strengthens NBS supervisory powers
SLOVAKIA - The new bill on banks, which was approved by the Slovak government on Mar 28, 2001, should boost the powers of the National Bank of Slovakia to carry out banking supervision.
Oman central bank to host supervision seminar
OMAN - The Central Bank of Oman will host a regional seminar on banking supervision organised by Switzerland's Financial Stability Institute of the Bank for International settlements.
HKMA to buy office space rather than rent
HONG KONG - Hong Kong's quasi central bank on Mar 29, 2001 defended a plan to buy 14 floors in a building in the city's center for its new offices, saying the move will be cheaper than to continue renting.
When is US bank lending to emerging mkts volatile?
CENTRAL BANK RESEARCH - In a New York Fed staff report, Linda S. Goldberg, finds out what causes fluctuations in lending by US banks to emerging markets. Goldberg finds the most important influence is the state of the US economy - when US growth is…
Role of subordinated debt in market discipline
IMF RESEARCH - This new working paper by the IMF puts the last nail in the coffin regarding the use of mandatory subordinated debt in enhancing market discipline in emerging markets. It says the preconditions for its success are not fulfilled in emerging…
Bank of Greece searches for Milosevic millions
GREECE - The Bank of Greece is investigating several Greek banks suspected of receiving funds laundered by Slobodan Milosevic, the former president of Yugoslavia.
Asian forum Manila Framework Group meets in China
CHINA - The Manila Framework Group regional financial forum started a two-day meeting in Beijing on Mar 28, 2001 to discuss a range of issues including the impact of the slowing U.S. economy, organisers said.
US Fed urges bankers to disclose more
SUPERVISION - In an advisory letter on Mar 23, 2001, the Federal Reserve Board urged large banking organizations to adopt a high-level, private-sector working group's recommendations for broader and more frequent public disclosures as a way to improve…
Fed survey: US banks growing wary of lending
UNITED STATES - A special survey conducted by the Federal Reserve reveals that credit terms from US banks have continued to tighten since January
ECB working papers for March 2001
CENTRAL BANK RESEARCH - The European Central Bank has published four refereed working papers in March, subjects ranging from financial market integration in the Eurozone, deposit insurance and the effects on moral hazard, to modelling the term structure…
Fast-tracking EU securities market reform-Bishop
LAMFALUSSY REPORT - At the Mar 23/24 Summit, EU leaders succeeded in offering the European Parliament a compromise that should be acceptable, clearing the way to rapid action on the Lamfalussy Report on securities markets regulation, reports Graham…
Kerstin Hessius to be Stockholm Bourse head
SWEDEN - OM Gruppen AB on Mar 26, 2001 named former Riksbank Deputy Governor Kerstin Hessius as the new president of the Stockholm stock exchange, officially known as Stockholmsboersen.
China's cbank-no timetable to open capital market
CHINA - People's Bank of China Governor Dai Xianglong said China's capital markets will eventually be opened to the outside world but there is still no timetable for such a reform, state media reported Mar 26, 2001.
The Bank of Canada and Financial Stability-Dodge
SPEECH - David Dodge, the governor of the Bank of Canada, gives his second speech since taking over the job about what the central bank is doing to promote financial stability. He emphasises the work of the Group of Twenty, chaired by Canadian finance…
Banking Supervision-HKMA Yam viewpoint
CENTRAL BANK ARTICLE - Effective banking supervision requires taking a larger view of the industry than simply focussing on the ability of borrower to repay, says Hong Kong Monetary Authority chief executive Joseph Yam in his weekly column on the HKMA…
BoE faces £1bn BCCI lawsuit
Following a ruling on Thursday 22 March, Deloitte and Touche, liquidators of the Bank for Credit and Commerce Interantional, have been given leave to sue the Bank of England for its alleged failures as supervisor of BCCI